Martin Act
New York General Business Law, consisted on article number 23-A sections 352-353, is a piece of law in New York. The act is nothing more than a wide New York state parameter against fiscal frauds. It came into force during the Great Depression in late 1921 so the Martin Act gives unusual authority and discretion to an attorney general in fighting against monetary fraud cases.
And above all right to counsel and right against self incrimination have not been given to the individuals or groups called in for inquiring during Martin Act. According to the act state’s prosecutor holds the right to go after each attempt that hides financial information from the Govt.
A former teacher and federal prosecutor sated that Martin Act is just a lawful side of street plays.
And now once again the law seems to be getting in again when Bofa and its former executives are being charged by Andrew Cuomo in this act. Cuomo looks a lot tougher in marking Lewis and Price, than the SEC did look when it was scolded by national Judge Jed Rakof. Now the New York attorney general has only 10 months to create a case against one of the nation’s largest banks.
Cuomo is expected to be the next governor of New York in November and I think the out come of the case won’t bother Cuomo as he has already won the acuity and political conflict in this case.
Martin Act
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